McLean, Virginia – April 29, 2003 – On behalf of its client, FelCor
Lodging Trust, Incorporated (NYSE: FCH), Molinaro Koger has been selected
to market the sale of a seven-property portfolio of Holiday Inn® hotels
located in Texas and Arkansas.
The portfolio consists of the following Holiday Inn® branded hotels:

Holiday Inn, Amarillo, Texas

Holiday Inn Midtown, Beaumont, Texas

Holiday Inn Hotel & Suites, Midland, Texas

Holiday Inn Express Hotel & Suites, Odessa, Texas

Holiday Inn Hotel & Suites, Odessa, Texas

Holiday Inn Hotel in Texarkana, Arkansas

Holiday Inn Waco, Texas

"We are delighted to work with FelCor on this excellent group of assets,"
said Rob Koger, President of Molinaro Koger. "The Texas Holiday Inn portfolio
is poised to attract competitive bidding from the private capital and owner-operator
segments of the industry."

“We are pleased to enter into this relationship with Molinaro Koger,
a highly effective specialist in hotel real estate services,” said Michael
A. DeNicola, FelCor’s Executive Vice President and Chief Investment Officer.
“MK and its team of brokers have a notable track record of success that
will allow us to accomplish our goal of divesting these non-strategic hotels
from FelCor’s portfolio.”

“Each of these properties is located in a strong, regional drive-to
market,” said Bill Stadler, Managing Director of Molinaro Koger, who directs
the firm’s Texas operations from their Dallas office.

“As data from Smith Travel Research has demonstrated over the past 18
months, markets such as these continue to perform well despite the current
slow down in travel demand patterns for fly-to locations. For example,
the Midland Odessa lodging market experienced increases in room revenue
of 3.6 percent for the trailing twelve months ending February 2003.”
.

.The 248-room Holiday Inn Amarillo, Texas, is strategically located
on Interstate 40 just one mile from the heart of the central business district
and proximate to the American Quarter Horse Museum and Tri-State Fairground.
The property is notable for achieving a 10% increase in revenue between
2001 and 2002. Its facilities include 2,600 square-feet of meeting space,
the Bristol Café and Brass Rail Lounge, interior corridors and a
“Holidome” area with swimming pool, whirlpool, video arcade and sun terrace.

The 190-room Holiday Inn Midtown in Beaumont,
Texas, is located on Interstate 10 generating a range of demand from
motorists, corporations and regional groups. Beaumont, known as the “Museum
Capital of Texas” is located in a natural and cultural crossroad which
features a range of sports, recreation and educational opportunities.

The 250-room Holiday Inn Hotel & Suites in Midland, Texas,
is strategically located near Midland College, Interstate 20, and downtown
Midland’s central business district. Its facilities include 34,000 square-feet
of meeting space, Strawberry Joe’s Restaurant, Sidewinder’s Lounge, fitness
facilities, business services and a “Holidome” area with indoor pool, Jacuzzi,
mini-golf and ping pong.

The 186-room Holiday Inn Express Hotel & Suites in Odessa, Texas,
benefits from a visible location on Interstate 20 between the Midland and
Odessa markets. Midland-Odessa is world-renown for its role in the mining
of oil and natural gas, located in the heart of the Permian Basin, the
oil industry is responsible for the majority of the area’s infrastructure.
Encompassing two separate buildings, the hotel’s primary atrium-style building
features an indoor pool, sauna, whirlpool, salon and large and divisible
meeting space.

The 245-room Holiday Inn Hotel & Suites in Odessa, Texas,
is well-located proximate to the Odessa central business district. Situated
on more than 10 acres of fee simple land, the property includes approximately
2 acres of undeveloped excess land. Demand for Polly’s Restaurant,
Toby’s Lounge and the hotel’s 19,000 square feet of meeting space generates
more than $1.1 million in food and beverage revenue annually.

The 210-room Holiday Inn Hotel in Texarkana, Arkansas, benefits
from a location bordering two states (Texas and Arkansas) in a market with
a diverse, growing economy. Located near Interstate 30, downtown Texarkana,
the Texarkana Regional Airport and prominent local corporations, the hotel
has a variety of demand generators. The Holiday Inn Hotel Texarkana
features 3,648 square feet of meeting space, restaurant space leased to
Red Lobster, and a “Holidome” area with indoor pool, whirlpool, lounge,
terrace and game area.

The 170-room Holiday Inn in Waco, Texas, is located on Interstate
35, adjacent to Baylor University and adjacent to one of the sites being
considered for the George W. Bush Presidential Library. The Waco market
is centrally located in the heart of Texas’ manufacturing and technology
corridor on I-35. The 4-story interior corridor hotel also benefits from
proximity to downtown Waco and the Waco Convention Center.

"Each of the hotels have historically performed well and continue to
generate positive NOI,” said Mr. Stadler. “We anticipate a sizeable level
of buyer interest and a timely disposition on behalf of our client.”

FelCor is the nation's second largest lodging real estate investment
trust (REIT) and the nation’s largest owner of full service, all-suite
hotels. FelCor's consolidated portfolio consists of 169 hotels, located
in 35 states and Canada. FelCor owns 77 full service, all-suite hotels,
and is the largest owner of Embassy Suites Hotels® and Doubletree Guest
Suites® hotels. FelCor's portfolio also includes 83 hotels in
the upscale and full service segments. FelCor has a current market capitalization
of approximately $2.8 billion. Additional information can be found
on the Company's Web site at www.felcor.com.

Molinaro Koger is an international hotel real estate brokerage firm.
The company structures boutique through luxury hotel transactions throughout
the Americas and Europe. Headquartered in metro-Washington, DC, with offices
in Atlanta, Chicago, Dallas and London, Molinaro Koger has captured the
awards for Highest Volume, Largest Transaction and Salesman of the Year
from Hotel Brokers International each of the past five years.

Joseph Molinaro founded the firm in 1959, and since then Molinaro Koger
has successfully marketed hotel real estate, sponsored limited partnerships,
and arranged financing for purchasers. Given the cyclical nature of real
estate, the firm has weathered an array of highs and lows during the course
of its 42-year history. Throughout that time, the company has grown and
assisted clients in achieving their investment goals.

“In each portion of the cycle we gather strength, expertise and contacts.
We are able to serve our clients best interests regardless of economic
highs or lows,” says President Robert Koger. “The results we achieve are
directly attributable to the commitment and expertise of our professional
staff.”